UK Construction Growth Weakens To 5-Month Low
The UK construction sector logged a sustained recovery in October but the pace of expansion weakened to the slowest in five months, survey results from IHS Markit showed Thursday.
The Chartered Institute of Procurement & Supply construction Purchasing Managers’ Index dropped to 53.1 in October from 56.8 in September. Nonetheless, the sector has expanded since June.
Tim Moore, economics director at IHS Markit, said the construction sector was a bright spot in an otherwise gloomy month for the UK economy during October.
Among major sectors, house building was by far the best-performing area of construction activity in October though the pace of recovery eased only slightly.
Commercial activity also expanded but at the slowest rate in five months. Meanwhile, civil engineering activity contracted for the third month running.
The material has been provided by InstaForex Company – www.instaforex.com